Mumbai, April 30 (CommoditiesControl): Malaysian palm oil futures experienced a decline on Tuesday following two consecutive sessions of gains, influenced by weaker crude oil prices in anticipation of forthcoming cargo surveyors' export estimations for the month along with price decline in CBOT soy oil.
The BMD CPO contract for July delivery on the Bursa Malaysia Derivatives Exchange exhibited a downturn of 2.07%, dropping by 81 ringgit to 3,834 ringgit ($804.20) during early trading. The contract had witnessed a decrease of 0.69% in overnight trade.
Cargo surveyors are anticipated to unveil Malaysian palm oil export estimates for April later in the day.
Early trade saw a dip in oil prices following Israel-Hamas ceasefire discussions in Cairo, mitigating concerns about an escalated conflict in the Middle East. Concurrently, apprehensions regarding the future of U.S. interest rates exerted downward pressure on the market.
With crude oil futures showing weakness, palm oil becomes comparatively less appealing as a biodiesel feedstock.
Dalian's most-active soy oil contract lost 0.37%, while its palm oil contract slipped 1.18%. Soy oil prices on the Chicago Board of Trade were down 1.58% attributed to Argentinian labour strike.
The Malaysian ringgit, the currency of palm oil trade, exhibited a 0.04% weakening against the dollar, rendering the commodity relatively cheaper for buyers holding foreign currency.
BMD CPO narrates a bearish trend with potential selling opportunities if prices breach 3800, targeting 3750-3720, with a stop loss set at 3830.
Global Palm Oil and Soy oil Futures
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(By CommoditiesControl Bureau; +91-9820130172)
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